(Ecofin Agency) - The government of Mali adjusted its 2020 State budget, increasing spending by 6.77% from CFA2,604.568 billion (about $4.3 billion) initially to CFA2,780.935 billion (about $4.6 billion). The decision was taken during the Council of Ministers held on Wednesday 13 May.
In the meanwhile, revenues have been revised downwards from CFA2,181.828 billion (about $3.6 billion) to CFA2,040.957 billion (about $3.35 billion). This makes a decrease of 6.46%.
According to the Malian authorities, this change is being made to cope with the impact of the coronavirus pandemic on the economy, while promoting rapid economic recovery.
As a reminder, President Ibrahim Boubacar Keïta (pictured) announced on 11 April 2020, the implementation of a CFA500 billion (about $822 million) covid-19 response plan.
According to projections by the International Monetary Fund (IMF), Mali's economic growth is expected to fall sharply as a result of the disease, from 5.1% of GDP in 2019 to 1.5% in 2020. The budget deficit is also expected to widen from 1.7% of GDP in 2019 to 5.8% this year.